Midwest

UrbanStreet Group to Develop The District at Veridian in Schaumburg, Illinois

by Kristin Harlow April 5, 2021

SCHAUMBURG, ILL. — UrbanStreet Group has unveiled plans to develop The District at Veridian in Schaumburg, a northwest suburb of Chicago. The District is part of the larger 225-acre mixed-use campus known as Veridian. The District will comprise 30 acres with 159,000 square feet of retail space and 900 loft-style residences. Additionally, The Cordish Cos. will develop its entertainment concept known as Sports & Social. Completion of The District is slated for spring 2023. Mason Retail Group is handling retail leasing.

April 5, 2021

Loans Midwest Multifamily Ohio Walker & Dunlop

Walker & Dunlop Arranges $55.5M in Financing for Development of Multifamily Project in Columbus

by Kristin Harlow April 5, 2021

COLUMBUS, OHIO — Walker & Dunlop Inc. has arranged $55.5 million in construction and permanent financing for the development of Quarry Trails Apartments and Quarry Trails Townhomes and Flats in Columbus. Thrive Cos. is developing the 293-unit multifamily and 100-unit townhome project within a decommissioned quarry. The development is positioned within a natural park and rests alongside a 60-foot waterfall, a 160-foot vertical rock face and more than two miles of riverfront trails. Plans also call for the development of an office building, 20,000 square feet of retail space and a community center. Jeff Morris, Chad Kiner and A.J. Mangan of Walker & Dunlop’s Ohio Capital Markets group arranged the financing through two local banks. A timeline for construction was not disclosed.

April 5, 2021

Acquisitions Hospitality Illinois Midwest

Commonwealth Acquires Two Adjacent Hotels in Suburban Chicago

by Kristin Harlow April 5, 2021

WARRENVILLE, ILL. — Commonwealth Hotels has acquired a Hyatt House hotel and a Hyatt Place hotel in Warrenville, about 30 miles west of Chicago. The purchase price and seller were undisclosed. The two hotels are located next door to each other and include 123 rooms each. Both properties feature meeting space, indoor pools, fitness centers, business centers, onsite restaurants, a complimentary breakfast and shuttle service. The Hyatt House provides longer-stay travelers with in-suite kitchens.

April 5, 2021

Acquisitions Illinois Industrial Midwest

Baum Negotiates Sale of 50,000 SF Industrial Property in Chicago

by Kristin Harlow April 5, 2021

CHICAGO — Baum Realty Group LLC has negotiated the sale of a 50,000-square-foot industrial property in Chicago for an undisclosed price. Located at 3333 W. Lake St., the two-story property consists of a former vehicle fleet storage and field office training facility. The asset is situated in East Garfield Park with convenient access to I-280 and the Chicago Transit Authority’s Green Line. Baum represented the buyer, a local developer. Baum has also been retained to lease the property.

April 5, 2021

Acquisitions Illinois Midwest Office

Cawley Chicago Brokers Sale of 25,229 SF Office Building in Lincolnshire, Illinois

by Kristin Harlow April 5, 2021

LINCOLNSHIRE, ILL. — Cawley Chicago has brokered the sale of a 25,229-square-foot office building located at 680 Barclay Blvd. in Lincolnshire for $4 million. Rawly Lantz and Justin Harris of Cawley represented the buyer, Relevant Radio, which opted to move the company’s headquarters closer to its local radio operations. Mason Hezner of Brown Commercial Group represented the seller, Union Building Corp. Based in Green Bay, Wisconsin, Relevant Radio is a religious radio network.

April 5, 2021

Acquisitions Iowa Midwest Multifamily

JDP Acquires 195-Unit Cadence Apartments in Metro Des Moines

by Kristin Harlow April 2, 2021

JOHNSTON, IOWA — Jackson Dearborn Partners, a Chicago-based real estate investment and development company, has acquired Cadence Apartments in Johnston within metro Des Moines. The purchase price was undisclosed. The 195-unit, Class A apartment complex was built in 2017. It was 97 percent occupied at the time of sale. Amenities include a pool, media room, fitness center, coffee bar and Luxer One package system. The acquisition marks JDP’s first in the Des Moines area. The company intends to purchase newer construction multifamily properties in Midwest markets such as Des Moines, Indianapolis and Columbus. JDP purchased Cadence in a joint venture partnership with Ashland Capital, a Chicago-based multifamily investment company. BH Management will serve as property manager.

April 2, 2021

Development Illinois Industrial Midwest

McShane to Construct Three-Building Spec Industrial Development in Melrose Park

by Kristin Harlow April 2, 2021

MELROSE PARK, ILL. — McShane Construction Co. will build Industry Center at Melrose Park, a three-building, speculative industrial development in suburban Chicago. LBA Logistics is the developer. The project will total 651,617 square feet. Building I will span 130,200 square feet with a clear height of 36 feet, up to 37 truck docks, two drive-in doors, 44 trailer stalls and 151 parking spaces. Building 2 will total 350,248 square feet with a clear height of 36 feet, up to 72 truck docks, two drive-in doors, 142 trailer stalls and 251 parking spaces. Building 3 will provide 171,169 square feet with a clear height of 36 feet, up to 43 truck docks, two drive-in doors, 83 trailer stalls and 215 parking spaces. McShane demolished an existing building on the site. Harris Architects is the project architect. A timeline for completion was not disclosed.

April 2, 2021

Acquisitions Michigan Midwest Minnesota

Fabcon Precast Acquires Michigan’s Kerkstra Precast

by Kristin Harlow April 2, 2021

MINNEAPOLIS — Minneapolis-based Fabcon Precast, a provider of structural precast wall panels, has acquired Kerkstra Precast for an undisclosed price. Kerkstra is a producer of high-quality precast and prestressed concrete products in Michigan. From its two manufacturing facilities in Grand Rapids and Detroit, Kerkstra serves the industrial, commercial, residential and infrastructure markets across the Midwest. Its comprehensive product offering includes structural and architectural wall panels, hollowcore planks, beams, columns, double tees, stairs and other specialty products. With the addition of Kerkstra, Fabcon will offer an expanded portfolio of products and operate out of seven total manufacturing locations throughout Minnesota, Michigan, Kansas, Ohio, Pennsylvania and New York. Fabcon provides end-to-end integrated capabilities, from engineering and design to production, project management and construction.

April 2, 2021

Acquisitions Illinois Midwest Retail

Marcus & Millichap Brokers $5.3M Sale of CVS-Occupied Property in Suburban Chicago

by Kristin Harlow April 2, 2021

WOODRIDGE, ILL. — Marcus & Millichap has brokered the $5.3 million sale of a 13,100-square-foot property occupied by CVS Pharmacy in Woodridge, a southwest suburb of Chicago. The net-leased building is located at 8645 Woodward Ave. Matt Emerick, Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the property on behalf of the seller, a private investor based in Florida. The asset sold at 94 percent of the list price to an undisclosed buyer. CVS has over 10 years remaining on its lease.

April 2, 2021

Acquisitions Illinois Industrial Midwest

Avison Young Arranges Sale of 149,474 SF Industrial Building in Niles, Illinois

by Kristin Harlow April 2, 2021

NILES, ILL. — Avison Young has arranged the sale of a 149,474-square-foot industrial building in Niles, a northwest suburb of Chicago. The sales price was undisclosed. The property, located at 6035 Gross Point Road, is fully leased to Fort Dearborn Co., a producer of labels for consumer goods packaging. Erik Foster and Mike Wilson of Avison Young represented the sellers, Dermody Properties and Wanxiang America Real Estate Group. Boston-based Plymouth Industrial REIT was the buyer.

April 2, 2021

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